The purpose of this article is Defining Shell Companies in Indian parlance. Though there have been significant actions taken on the Indian companies by their regulators, tax authorities and the company registration offices, in reality there is no clear definition of what shell company is ? Neither the Companies Act 2013,...
Indo Iran Scam was at the root of the UCO Bank Money Laundering case. Enforcement Directorate (ED) has found that nine foreign nationals - mostly from Iran and Azerbaijan - entered the country on student visas and set up multiple shell companies to gain access to funds held by...
In an interesting development, the Ministry of Company Affairs which governs the registrations of the companies in India identified 18 more companies which are required to be investigated by the Serious Fraud Investigation office. In May this year, the MCA had identified 331 companies which had deposited large sums of...
Problem of Shell companies is widespread.Identifying these companies have became a challenge for the enforcement and investigative agencies as they are used in the wider money laundering activities. The layers of these paper companies help the money launderers to disguise the root of the transaction from the enforcement agencies. During the...